Pursuing an MBA in the United States is a significant investment, especially for international students who often face higher tuition fees and additional financial challenges.
Many lenders in the U.S. offer student loan options designed specifically for international students, making it possible to cover tuition and other expenses without a U.S.-based credit history.
This article highlights the top seven MBA loan providers for international students, detailing loan amounts, interest rates, terms, and eligibility requirements to help you make an informed choice.
Best MBA loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. Prodigy Finance | Up to 100% of tuition | No | 7.5% – 12% (variable) | 7 – 20 years | Enrolled in an eligible MBA program |
| 2. MPower Financing | Up to $50,000 per year | No | 11.99% – 13.99% | 10 years | Enrolled in a U.S.-based program, valid visa |
| 3. Ascent | Up to $20,000 | Yes (for certain loans) | 7.32% – 14.50% | 5 – 15 years | Must be attending an eligible U.S. school |
| 4. Citizens Bank | $1,000 – $150,000 | Yes | 5.25% – 11.65% | 5 – 15 years | Requires a U.S.-based co-signer |
| 5. Discover Student Loans | Up to 100% of school-certified costs | Yes | 4.12% – 13.49% | 15 – 20 years | Co-signer required for international students |
| 6. College Ave Student Loans | $1,000 – $100,000 | Yes | 4.29% – 14.49% | 5 – 15 years | Enrolled in a U.S. university, co-signer required |
| 7. Sallie Mae | Up to 100% of cost of attendance | Yes | 4.25% – 13.62% | 5 – 20 years | Co-signer required for international students |
1. Prodigy Finance
Prodigy Finance specializes in providing loans to international students, especially those pursuing MBA and other graduate degrees.
They offer loans that cover up to 100% of tuition, with interest rates between 7.5% and 12% (variable), depending on the student’s profile and the school.
Prodigy Finance does not require a co-signer, making it an attractive option for students without U.S.-based guarantors.
Loan terms range from 7 to 20 years, providing flexibility in repayment.
Students must be enrolled in one of Prodigy’s eligible MBA programs to qualify.
2. MPower Financing
MPower Financing provides loans specifically for international students without the need for a co-signer.
Students can borrow up to $50,000 per academic year, with interest rates ranging from 11.99% to 13.99%.
Loan terms are set at 10 years. MPower Financing is a solid choice for students who may not have established U.S. credit but need flexible financing options.
Eligibility requires enrollment in a U.S.-based program and a valid visa status.
3. Ascent
Ascent offers loan options with and without a co-signer, giving international students flexibility.
They provide loans up to $20,000 with interest rates from 7.32% to 14.50%, depending on the loan product. Loan terms range between 5 and 15 years.
This provider is ideal for students attending eligible MBA programs who can secure a U.S.-based co-signer for lower interest rates.
Ascent also provides financial education resources to support borrowers.
4. Citizens Bank
Citizens Bank offers a broad range of loan options, including MBA loans for international students with a U.S.-based co-signer.
Loan amounts range from $1,000 to $150,000, with interest rates between 5.25% and 11.65%.
Loan terms are available from 5 to 15 years. International students will need a co-signer to qualify for Citizens Bank loans.
This loan is a good option for those with access to a reliable U.S. co-signer and who want higher loan limits to cover full MBA costs.
5. Discover Student Loans
Discover Student Loans offers MBA loans that cover up to 100% of school-certified costs, including tuition and living expenses.
Interest rates range from 4.12% to 13.49%, and loan terms are available for 15 to 20 years. A U.S.-based co-signer is required for international students.
Discover’s loans are an excellent choice for students who can secure a co-signer and need flexible repayment options, with perks like no origination fees and a variety of repayment plans.
6. College Ave Student Loans
College Ave Student Loans provides loans for international students with a U.S.-based co-signer.
Loan amounts range from $1,000 to $100,000, with interest rates between 4.29% and 14.49%.
Loan terms vary from 5 to 15 years, providing a flexible repayment period.
College Ave offers benefits like no origination fees and interest rate reduction for automatic payments.
Students must be enrolled in a U.S. university, and a co-signer is required for international students.
7. Sallie Mae
Sallie Mae offers loans that cover up to 100% of the cost of attendance, including tuition, living expenses, and other school-related fees.
Interest rates range from 4.25% to 13.62%, and loan terms vary between 5 and 20 years.
Sallie Mae requires a U.S.-based co-signer for international students.
Their loan program includes benefits like flexible repayment options and no origination fees, making it ideal for students who need full coverage for their MBA program expenses.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Are there MBA loans available without a co-signer for international students?
Yes, certain lenders like Prodigy Finance and MPower Financing offer MBA loans to international students without requiring a co-signer. These lenders cater specifically to non-U.S. students and provide terms based on the student’s profile and program.
How can international students qualify for lower interest rates on MBA loans?
Securing a co-signer with good credit can help international students access lower interest rates. Additionally, students can consider lenders like Citizens Bank and Sallie Mae, which offer competitive rates for those with reliable co-signers.
Do any MBA loan providers offer benefits for automatic payments?
Yes, some lenders, including College Ave and Sallie Mae, offer interest rate reductions when borrowers set up automatic payments. This benefit can help reduce the overall cost of the loan over time.
Conclusion
Choosing the right MBA loan as an international student can be challenging, but many lenders are now offering flexible terms and favorable rates tailored for students from outside the U.S.
Options like Prodigy Finance and MPower Financing provide co-signer-free loans, while lenders like College Ave and Sallie Mae offer competitive rates for those who have U.S.-based co-signers.
By exploring these options and understanding each lender’s requirements, international students can find the best solution to finance their MBA studies in the U.S.
